China car maker BYD reports profit plunge

Chinese electric car producer BYD, which is partly backed by US investment titan Warren Buffett, said its net profit plunged more than 94 percent year-on-year in 2012, hit by slowing growth in the country, AFP reports.

The company, based in the southern boomtown of Shenzhen, said in a statement Sunday that net profit came in at 81.38 million yuan ($12.92 million) last year, down from 1.38 billion yuan in 2011.

The global solar industry has been burned by the economic slowdown in Europe and the United States, together with weak prices blamed on Chinese companies which sought to build market share by undercutting competitors.

Last week, China's Suntech -- once the world's largest solar panel producer -- said its main subsidiary was facing bankruptcy.

BYD closed up 0.47 percent to 23.51 yuan in Shenzhen trading on Monday but its Hong Kong-listed shares were down 0.40 percent at HK$24.85 ($3.23) in late afternoon trade.